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Number of transactions executed on XRP Ledger climbed to another local high recently
Feat achieved on the back of altcoin recording 20% gains in just 7 days
As a seasoned researcher with a deep understanding of the cryptocurrency market and XRP in particular, I find the recent surge in transaction activity on the XRP Ledger (XRPL) to be an intriguing development. Having closely followed the XRPL ecosystem for several years, I’ve witnessed its ups and downs, and this latest trend is especially noteworthy given the significant increase in transactions we’ve seen recently.
On July 19th, the XRP Ledger (XRPL) came very near to reaching 5 million transactions, last observed at this volume in early 2024. This significant increase is worth noting as the transaction count had only reached around 1 million by the end of June. Currently, the number hovers around 4.3 million, with a recent decline in activity reflected on the charts.
The increase in transactions we’ve previously mentioned might be attributed to a growing number of micropayments on the XRPL. These small transactions are increasingly common now.
Although micropayments could be a contributing factor, this didn’t deter members of the XRP community from exploring potential causes behind the recent surge in metrics. For instance, the CEO of XPMarket examined the behavior of specific wallets managed by trading bots during the previous week to pinpoint any discernible reasons.
In spite of the recent surge in transactions on the XRPL, the number of active accounts and new account registrations has stayed consistent. This continuity could indicate that the heightened transaction activity may not be attributed solely to a large influx of new users, but rather to heightened engagement among existing users.
As the transaction volume for XRP increased, so did its price. It surged by more than 20% just in the previous week. In consequence, XRP currently ranks as one of the top-performing cryptocurrencies in the market during this timeframe.
It’s important to note that XRP‘s price surge didn’t come out of nowhere. Although the cryptocurrency market as a whole has been showing renewed optimism recently, XRPL’s strong performance can be attributed to a solid foundation.
In the first quarter of 2024, as reported by Messari, there was a significant increase in the demand for XRPL during the 90-day span, resulting in a peak in its quarterly earnings for the year.
From January to March, XRPL generated a USD revenue of $205,000 – marking the highest annual earnings for this period.
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2024-07-19 12:39